Arizona State Retirement System (ASRS) has created a $2.3bn (€2bn) real estate pacing plan for the 2026 calendar year, according to the pension fund’s board meeting document.
Under its 2026 pacing plan, ASRS plans to commit $1.3bn to new investment opportunities and direct $1bn in recycled capital to its established managers.
The $60bn pension fund expects that this capital deployment will allow it to keep pace with total fund growth while maintaining its long-term 15% target allocation to real estate.
ASRS plans to deploy the capital through a combination of separate accounts and funds, with a primary focus on the housing and industrial sectors.
The pension fund’s plans include a $400m industrial separate account, a $250m multifamily allocation and a $200m senior housing separate account. ASRS also plans to commit $100m in seed capital, split equally between a multifamily development and value-add industrial real estate fund.
ASRS is also considering potential office and hotel investments through separate accounts or joint ventures. The pension fund may direct a portion of its 2026 capital toward its nine existing core managers.
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